US Pre-Market, 14 July 2026: Futures Mixed as June CPI and Bank Earnings Collide, Oil Jumps on Hormuz

Sentiment: mixed US futures: S&P 500 -0.12%, Nasdaq 100 +0.52%, Dow -0.48%

S&P 500 futures sat at 7,553.75, down 0.12%, with Nasdaq 100 futures up 0.52% and Dow futures down 0.48% ahead of a June Consumer Price Index print at 8:30am ET that lands the same morning as the Q2 bank earnings kickoff. JPMorgan JPM.US fell about 2.6% pre-market despite record managed revenue near $58 billion, after the bank lifted its 2026 expense guidance. Brent crude jumped 3.93% to $86.57 after the US moved to restrict Iranian shipping through the Strait of Hormuz, helping push the US 10-year Treasury yield to 4.61%, a two-month high.

Overnight drivers

• Oil: Brent +3.93% to $86.57 and WTI +2.44% to $80.05, extending a two-day run of about 14% after the US signalled shipping fees and a blockade on Iranian vessels using the Strait of Hormuz, alongside a reported strike on a Kuwaiti offshore platform. Higher crude adds to the inflation picture ahead of today's CPI and helped lift the 10-year yield.
• June CPI at 8:30am ET: consensus looks for headline prices down 0.1% on the month and near 3.9% year over year, easing from 4.2% in May, with core near 2.85%. It is the last major inflation reading before the 28 to 29 July FOMC meeting.
• US 10-year yield: 4.61%, holding a two-month high as the crude move revives inflation concern. Futures markets price about a 43% chance of a quarter-point Fed increase on 29 July, and lean toward one more increase by year end after Governor Christopher Waller floated a near-term hike.
• Bank earnings: JPMorgan JPM.US and Wells Fargo WFC.US both beat before the open, with Bank of America BAC.US, Goldman Sachs GS.US and Citigroup C.US to follow. The reaction pulled Dow futures down 0.48% while Nasdaq 100 futures held up 0.52%.

Overnight Asia and Europe

• Nikkei 225 closed +0.74% at 67,743, with the Shanghai Composite +1.36% at 3,967, KOSPI +0.73% and Hang Seng +0.52%. Asia finished higher into the US session.
• DAX -0.92% at 24,884, CAC 40 -0.79%, STOXX 600 -0.55% and FTSE 100 -0.41%. European bourses traded lower mid-session.
• Gold +0.65% at $4,032 an ounce; the US Dollar Index eased 0.22% to 101.02 as the yield move failed to lift the currency.

Pre-market movers

• JPMorgan JPM.US slid about 2.6% even as managed revenue rose 27% to a record near $58 billion, with Equity Markets revenue up 86% year over year; the headline carried roughly $1.56 a share of one-time gains, including a gain on its Visa stake, and the bank raised its 2026 expense outlook.
• Wells Fargo WFC.US beat with earnings of $2.00 a share against $1.72 expected and revenue of $22.62 billion against $21.84 billion expected.
• Goldman Sachs GS.US traded up about 2% pre-market, while Bank of America BAC.US eased about 1% ahead of its call.
• Citigroup C.US reports before the bell, completing the first wave of Q2 bank results and setting the tone for the financials sector this week.

US economic calendar today (ET)

• 8:30am: June Consumer Price Index, headline and core.
• Before the open: Q2 results from JPMorgan JPM.US, Wells Fargo WFC.US, Citigroup C.US, Bank of America BAC.US and Goldman Sachs GS.US.
• Through the session: Fed commentary in focus after Governor Waller floated a near-term rate increase.

What to watch

• CPI at 4.2% year over year in May sets a wide reaction range: a softer print eases the pressure on yields, a firmer one hardens the case for a 29 July increase.
• Bank results turn on net interest income and expense guidance more than the headline beats, with JPMorgan JPM.US already off 2.6% despite topping estimates.
• Brent near $86.57 keeps energy and inflation-sensitive sectors in focus while the Strait of Hormuz situation develops.

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